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ICBC $110 Rebate to Drivers, Basic Rates Stay the Same

Victoria – ICBC is providing a $110 rebate to eligible drivers through prudent financial management and better-than-expected investment income.

Additionally, basic rates will be maintained until March 31, 2026, marking six years in a row with no increases.

All personal and commercial ICBC customers who had an active eligible basic insurance policy in February 2024 will receive the rebate, totalling roughly 3.6 million policies.

“ICBC is able to return $400 million to drivers because of prudent fiscal management that puts people first, and our commitment in law that ICBC’s surplus should go toward benefiting drivers instead of going to government coffers,” said Mike Farnworth, Minister of Public Safety and Solicitor General. “This rebate, alongside the decision to not increase basic rates for six years in a row, underscores the benefit of a public auto insurer. When private insurance companies make a profit, it’s at the expense of, not for the benefit of drivers.”

ICBC is hoping that the rebates are in your hands by the end of July.

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